Online marketplace eBay Inc’s long-term relationship with its hometown of San Jose, Calif., birthed a tax sharing agreement unlike any other—millions of dollars with no strings attached.
San Jose City Council on Sept. 24 gave its city manager the go-ahead to negotiate a 15-year pact with the online marketplace giant which could bring about $440 million in newfound taxes to the city and $150 million to eBay.
The agreement, which San Jose officials said was eBay’s idea, leverages the same local sales tax revenue that dozens of other cities have used in similarly structured deals, from nearby Cupertino in its ...
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